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Lomiko Metals Inc. (TSXV:LMR, OTCQX:LMRMF, FSE:DH8B) and Quebec Precious Metals (TSXV: CJC, FSE: YXEN, OTC-BB: CJCFF) are very pleased to announce that a drill permit has been received and drilling will proceed with a 2,000 metre, 15 drill hole program at the Refractory Zone of the La Loutre graphite property (the “Property”).
Lomiko Metals Inc. (TSXV:LMR, OTCQX:LMRMF, FSE:DH8B) and Quebec Precious Metals (TSXV: CJC, FSE: YXEN, OTC-BB: CJCFF) are very pleased to announce that a drill permit has been received and drilling will proceed with a 2,000 metre, 15 drill hole program at the Refractory Zone of the La Loutre graphite property (the “Property”).
On March 24, 2016, a technical report prepared in compliance with NI 43-101 on standards of disclosure for mineral projects, was filed for the Property. The report presented a mineral resource estimate of 18.4 M Tonnes of 3.19% carbon flake graphite (“Cg”) in the Indicated category and 16.7 M Tonnes at 3.75% Cg in the Inferred category using a cut-off of 1.5%.
The mineral resource does not include high-grade intercepts of 7.74% Cg over 135.60 metres including 16.81% Cgr over 44.10 metres from hole LL-16-01, two different intersections in hole LL-16-02 reporting 17.08% Cg over 22.30 metres and 14.80% Cg over 15.10 metres, and 110.80 metres of 14.56%Cg in hole LL-16-03, nor the 28.5 metres of 16.53% Cg and 21.5 metres of 11.53% Cg reported on January 6, 2016 and 9,0% over 90.75 metres reported on September 24th 2015 from the Refractory Zone.
The area of mineralization appears to be 200 metres wide, has a current strike length of approximately 400 metres in the northwest to southeast direction and is open in both directions.
The table below shows the drilling results from holes LL-16-001 to LL-16-010. A drill hole location map can be found under the heading Quicklinks: Drill Map which includes 2015 and 2016 results and highlights.
Table of 2016 drill results LL-16-001 to LL-16-010 from Refractory Zone:
* Length along the core. According to the Society, the true width of the drillhole represents between 80 % and 95 % along the core.
“The current drilling program is providing an opportunity to expand the size of the Refractory Zone to find the best opportunity to define our proposal for a low footprint, open pit operation”, stated A. Paul Gill, CEO of Lomiko Metals Inc.
The Property consists of contiguous claim blocks totalling approximately 2,867.29 hectares (28,67 km2) situated approximately 53 km east of Imerys Carbon and Graphite, formerly known as the Timcal Graphite Mine, North America’s only operating graphite mine, and located 117 km northwest of Montreal.
Jean-Sebastien Lavallée (OGQ #773), Geologist, is a shareholder of both companies, VP Exploration of Quebec Precious Metals and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release.
For more information on Lomiko Metals, review the website at www.lomiko.com, contact A. Paul Gill at 604-729-5312 or email: info@lomiko.com.
On Behalf of the Board,
“A. Paul Gill”
Chief Executive Officer
We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Attachment
A. Paul Gill
Lomiko Metals Inc. (TSX-V: LMR)
6047295312
apaulgill@lomiko.com
Source: globenewswire.ca